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on spending cuts within the budget plan to be included in the fiscal cliff talks. >> can you also look in the camera and say dear democrats, both for and include some of the spending cuts in this deal to avoid the fiscal cliff. because that's not what they're doing right now. should they include this? >> yes, and i know that democrats except that this has to be a balanced package that includes revenues and cuts and spending cuts. >> yet months ago, that ws voted down 99 to zero. earlier this week, the number two democrat in the senate, dick durbin, insisted maj spending cuts and entitlement reform will not be part of these talks. nancy pelosi has been noncommittal about whether cuts will be in the deal. still, they are trying to breathe into the talks with vice present biden shopping avenue costco in washington, picking up a big-screen tv and an apple pie and insisting he is optimistic of the deal. >> i am. all these folks in the store. they are ing to make a difference. reporter: a phone call last night betwee speaker boehner and the president was very curt. it signaled that the presi
the leverage because he knows if it goes over the fiscal cliff, tax cuts expires and he'll never let the top 2% get that tax cut reinstated. if they do what you suggested, vote the tax cut, continue it for the 98%, then the leverage switches to them come the time of the debt limit. they might be able to make a deal where they save some of it so it doesn't go up to 39%. maybe goes up to 37.5%. maybe they do the buffett rule and only raise rates on people making $500,000. they have a little room to leverage but right now they have zero leverage, zero. >> do you agree with that? i don't know if i agree with that. it's hard once the rates go back to 39.6 or whatever they go to, to go back and say, now we to want cut taxes for the rich. what's the reason to do it? the republican party says we have to stop the government, stop paying our debts, don't pay our bills anymore because we have to help out the rich now. that would be the worst situation to be in. >> as the conversation shifts really to the bottom line in the deficit. at the end of the day the whole thing is about -- it's optical illusions
to continue the tax cuts for the 98% now and therefore avoid the fiscal cliff and put off for now the top 2%. and the question then, let the debt ceiling not take effect. a tax cut delayed i argue is a tax cut avoided. joining me with the republican defense highly tauted fan of the eagles, ed rendell and alex wagner of msnbc's "now." governor, i want you to read what's going on here. first speaker boehner defended the gop's tax proposal saying it does take a bite out of the rich but president obama held firm to tax rate hike on the wealthiest. let's listen to the back and forth. >> revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. >> let's allow higher rates to go up for the top 2%, that includes all of you, yes. but not in any way that's going to affect your spending, your lifestyles, or the economy in any significant way. let's make sure that 98% of americans don't se
that would avoid the fiscal cliff. that is $1.2 trillion in automatic budget cuts and $600 billion in tax hikes that would result from the expiration on december 31, the consequences would simply be devastating. the economic impact on the country and the american people would mean the loss of hundreds of thousands, if not millions of jobs. the very likely onset of yet another recession. the white house timothy geithner on capitol hill today. he went there empty-handed to meet the party leaders. house speaker john boehner who has already offered to raise tax revenue finds himself not in a negotiation, but rather competing in the white house media campaign. this is how speaker boehner reacted earlier today to the demands of the white house that were laid out by timothy geithner in a closed-door meeting. the treasury secretary reiterating the president's call for $1.6 trillion in new tax revenue and timothy geithner currently offering nothing in return. in lieu of federal spending. >> first, despite the claims that the president supports a balanced approach, democrats have yet to get serious
-- he wants what's in the fiscal cliff. it's defense cuts and tax hikes. we're compromising with someone who doesn't want to compromise. he likes that stuff. i know he doesn't want to raise taxes on the middle class. but we have to give up everything in this deal. we should articulate our principles or give him what he wants. we're going to vote present and say -- >> boehner's doing the best he can. he's playing a short deck right now. >> you really think he's the best spokesman for conservatism. >> no, no. >> we should put a paul ryan -- we need younger leadership. >> paul ryan came out publicly in support of boehner. that's point number one. secondly, boehner jumped ryan over more senior people to put him as head of the budget committee. that's my second point. and boehner himself is being advised by ryan every step of the way. >> what do you say about this purge then? he's purging people that wants to balance the budget. >> you lost, ron. don't blame boehner. blame the republican party. blame conservatives. jim demint said it today. the conservative message has got to get out more pub
for apple. somebody has to buy the stock. goinn over the fiscal cliff means big budget cuts for the fda and drug approval. we'll talk to acorda and how their company will fare. ashley: let's o to nicole petallides on the floor of the new york stock exchange. nicole? >> ashley, tracy, this is one of those days where you see the back and forth action, right? we stay in this trend line, just establishing right around the unchanged line, the dow jones industrials for example, are up .1 of 1%. the s&p is up a quarter of 1%. tech negative nasdaq the most interesting story today because it has been under pressure while you've seen the other two indices last few days trying to give it a go. the nasdaq has been held back. one of the main reasons because of apple which you duly noted at the top of the show. take a look at nasdaq composite right now which is gaining more than half of 1%, seeing a gain of about 17 points for the tech-heavy nasdaq. it is not back at the 3,000 mark yet. let's look also at apple. because that's key. it is up almost 11 dollars here, a gain of 2%. it traded as low as 5
cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this he pursuit of perfecti
the funding might get cut if we go over the fiscal cliff, doesn't that create a massive stumbling block for you guys, what you're trying to do? >> there are two areas you are raising. it will be shifting asia. china is not cutting their commitments, they are increasing their commitments and india is dramatically increasing, singapore is dramatically -- the uk is investing more. we are talking about where is the center of innovation, where will the company's -- it is not that it is not going to exist but it will shift -- liz: we will lose our leadership. >> we will lose our leadership of we don't recommit. liz: are you worried we are not turning out enough doctors and scientists in this nation? >> we are probably not turning out enough research scientists with clinical expertise and i am afraid some young people who are interested in this, do i want to take on all those risks, people struggling to keep laboratories going and maybe decide to do something else. the most important resource we have is the talent, to be able to recruit and retain that talent is the most important job i have,
and over again. that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. that is the only signal we can send. it is the right signal to send to investors that we're serious about getting our financial house in order. german, thank you. this is your last committee meeting -- chairman, thank you. this is your last committee meeting and you will be missed. >>: back to the analogy of the avalanche, a -- going back to the analogy of the avalanche, when we had the subprime crisis, and there was no warning. likewise, we did have the same type of avalanche come tomorrow. there is no more confidence, nobody buys are debt. we would have increased interest rates and huge economic problem. we have two things in front of the spread not only the fiscal slope, but also the debt ceiling. treasury estimates at the end -- we have until the end of february. in solving it, would be better to put the debt ceiling in the package with the fiscal slope for a comprehensive solution? or would it be better to do them s
, protect american jobs, and protect the middle class from the fiscal cliff. without spending cuts and entitlement reform, it will be impossible to address our country's debt crisis and get our economy going again and to create jobs. right now all eyes are on the white house. the country does not need a victory lap. it needs leadership. it is time for the president and congressional democrats to tell the american people what spending cuts they're willing to make. with that, i will take a few questions. [indiscernible] >> it has been very clear over the last year and a half. i have talked to the president about many of them. you can look at our budgets where we outlined specific proposals that we passed last year and the year before. we know what the menu is. we do not know what the white house is willing to do to get serious about solving our debt crisis. [indiscernible] >> i am not going to get into details, but it is very clear what kind of spending cuts need to occur, but we have no idea what the white house is willing to do. >> most public statements have been optimistic. we ar
. speaker, roughly what size spending cuts do you think it would take to reach a deal on the fiscal cliff, and do you think that at least the promise of spending cuts has to be included in this level deal at this time? >> i don't think there's -- i don't think it's productive for either side to lay out hard lines in terms of what the size of the spending cuts ought to be. there's clearly -- there are a lot of options on how you could get there. but the second part of your question was? >> my question is, do you think the promise of spending cuts has to be included in the deal that averts the fiscal cliff? >> there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. now, that would include spending cuts and it would include revenue. setting up a process for entitlement reform for next year and tax reform for next year. but -- but -- but this is way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. >> faced with t
than $600 billion in tax increases and spending cuts kick in. the fiscal cliff potentially sending the economy into recession. the fear of the cliff. is that putting a veil over your eyes and pretending you seeing good news that could make better trades for your portfolio? you need to see the forest for the trees. to help do that, liz saunders in a fox business exclusive, charles schwab's vice president and chief investment strategist. what is the biggest mistake that the investor is making right now as it pertains to navigating that very rocky fiscal cliff landscape? >> they are trying to trade around perceived outcomes. that is fairly treacherous. we don't get a sense that a lot of investors are doing that -- [talking over each other] liz: there were buying in on the dips because they are trading around he headlines. >> there's a lot of tax related strategy happening right now, many of which make a lot of sense, but i have asked the question of loss, what would you put money on a particular outcome? i wouldn't. that is a dangerous strategy. >> one scenario could be as damaging a
-- outlining their proposal for approving the fiscal cliff. the gop plan would cut $2.20 trillion. there is a combination of spending cuts, entitlement reform, and new revenue. to read the letter, go to our web site,, and click on the link. the republicans say their proposal is based on a plan from a former chief of staff which is different from the plan offered from the simpson bolls commission. here is a look at how the recommendations from the simpson bolls commission -- simpson- bowles commission is being used. host: at the table now, paul simpson-bowles -- simpson- bowles first put out their plan. for dulles trillion in death as a reduction over 10 years. -- $4 trillion in deficit reduction over 10 years. when they put this out, what was the reaction? guest: republicans in congress were lukewarm to the plan. president obama praised the effort, and cautiously said nice things about the effort, but did not embrace it. host: bring us up to present day. two years have elapsed. the fiscal cliff is upon us. now we see the two lead office of the report that out there agai
stick points over the fiscal cliff debate is whether to cut entitlements. dean baker says that's not the reason for our deficit problems. so they should not be on the table right now. we also have j.d. foster of the heritage foundation who says mr. baker's numbers don't add up. good to see you, gentlemen. thanks for joining us. dean, make the case. >> well wit, it's very simple. if you look at projections, we had low-budget deficits, 1.2% gdp until the economy collapsed the housing bubble. the reason why we have large budget deficits today is pure and simple. the economy collapsed and the deficits are what's supporting demand. why are we suddenly running around like chickens with our heads cut off to cut social security and medicare when those programs are needed more than ever? >> so you think we should keep spending on those programs? >> i think we need to protect retirees. they took a big hit when their house prices collapsed to then turn around and whack them again by taking away their social security and medicare doesn't make sense. >> i'm going to come back to that. j.d.,
nations. >>> 30 days to avoid the country falling off the fiscal cliff. everyone's taxes go up and automaticpending cuts take
. if they go over the fiscal cliff we'll lose money. we'll have to cut programs. that is just not acceptable. i believe good people can come together and find compromise. compromise is not a dirty word. ashley: it is not. >> as governors we ought to help them get it to happen. ashley: best of luck. get that message out there. governor gary herbert of utah, thanks so much forring us. >> thank you. tracy: nice to be half glass full i suppose. ashley: yeah. tracy: many investors are looking to gold as a safe haven ahead of this fiscal cliff but you have to be really careful where you are putting your money. while gold bullion has made significant gains this year, don't be surprised if your gold fund doesn't reflect that which is quite a little conundrum. sandra smith here to clear it up in today's trade. >> hey, ashley and tracy. gold is down $23 on the session. it is just below 1700. you're right, for the year still posting some nice gains of about 9% for the yellow metal. so it's been a big winner outperforming a lot of stocks in the stock market but not so much the case with gold miners. if you
would do better than we have so far. i am worried we will go over the fiscal cliff, in part to have a reset. if we any over, republicans could start talking about cutting taxes on the middle class, as opposed to keeping them up on the rich. and the democrats will could potentially get a better deal. we can see this has happened in europe. when you have this kind of brinksmanship over and over and over again, and you go back and forth, markets start to get very burden they've been very volatile. and i think businesses have been holding back on investments. you can see big capital spending by businesses in last four months has been way down, about 8%. there should be a boom going on right now. we have a construction market boom, we have an energy field that is booming. companies would be spend physician we could get over this cliff. >> schieffer: i'm hearing some liberal democrats will say let it go over the cliff. i mean, would they really do that? i mean, because what would happen, then you would have, i guess, the tax cuts would expire. but would they let these draconian cuts in, s
in washington. speak up for the fiscal cliff is part of the half trillion dollars in cuts to the pentagon. the defense has been saying we will not plan for sequestration's because they don't want to be cautious because it is like a gun to the head. they're now looking into planning for this because we are getting pretty late, and that may become a reality. back to you. melissa: rich edson, thank you so much. lori: let's continue this discussion. it is going to happen, it is exactly what the democrats want. according to scott hodge of the tax foundation. what are some alternatives to raising revenue? joining me with some ideas. to your point, you're written quite extensively on this topic. it seems the economy is poised to fall off the cliff and that's what the democrats and the president wants to happen. >> they want to allow all the bush tax cuts to expire. it happens naturally automatically. they don't even have to vote for it. in january we had to lower taxes for everybody. getting it very simply. lori: a lot of people are concerned. if we do go over the cliff, there's no resolution fo
cliff deadline, today house republicans sent the president a counter-offer, calling for big cuts to entitlement spending, and no new taxes on the wealthy. >> tom: i'm tom hudson. auto sales speed up in november, with buyers taking advantage of ultra-cheap financing to ditch their old cars. >> susie: ford takes the wraps off a new lincoln, taking the brand back to its heritage, but will a re-branding help rev-up sales, we ask ford c.e.o. alan mulally. >> tom: that and more tonight on "n.b.r."! after a weekend of trading accusations over the lack of progress on avoiding the fiscal cliff, both sides now have put their opening offers on the table. last week, it was treasury secretary timothy geithner meeting with top republicans. this afternoon, house speaker john boehner sketched out the g.o.p. proposal in a letter to the white house, and the proposal borrows suggestions from the president's own debt reduction commission, whose plan was ignored last year. the republican letter offered $900 billion in spending cuts from program reforms to medicare and social security. the g.o.p. plan
the fiscal cliff. now, the republican plan purports to cut $1.3 trillion and raise $800 billion in new revenues. it did contain four specifics. four. cut medicare specific number one. $600 billion. cut medicaid, pays for nursing homes for seniors, of course. priority number two. three, cut the adequate cola for seniors on social security. even though 40% of seniors depend principally or totally upon social security and the cola already underestimated inflation particularly for medicare, essentials they need. cut that. not a driver of the deficit but, hey, cut that. one more specific. preserve the bush-era tax rates for income over $250,000. it's not a tax increase for everybody who earns over $250,000. it's only the income over $250,000 that would get additional taxes if the bush-era rates went away and the president's proposal was passed. but, no, they want to preserve -- totally preserve tax cuts for income over $250,000. they want to preserve the reduced capital gains rate and dividends rate which principally who ben pets, who else, millionaires and billionaires. now -- benefits, wh
-called fiscal cliff. this is in fact the family and business tax cut certainty act of 2012. while i hope that the negotiations to avert the fiscal cliff are successful, in my view we should not wait for a grand bargain in order to finish work on this important tax extender legislation. tax extenders are different from the other fiscal cliff issues for three basic reasons, and let me describe those reasons. first tax extenders are much less contentious than the other end of year problems that we -- that need to be resolved. the tax extender bill on the senate calendar has strong bipartisan support. in august, the finance committee approved it by a large margin. we have support from six republicans, including the ranking member, senator hatch. all 13 democrats supported it. i believe that many more republicans will vote for this legislation if it's brought up for consideration here in the senate. the bill consists entirely of tax cuts. it should not be difficult to get senators to vote for tax cuts, right before christmas especially. most of these tax cuts have solid bipartisan support. ma
of the sticking point when it comes to the bush era tax cuts and the fiscal cliff? who should be pay be taxes. >> i wasn't able to hear your previous report, but i sure can tell you from, you know, being with the president recently, that i'm very encouraged by how comprehensive everybody is and how they're trying to work together to address both the revenue side, but also in addition to the spending side. >> how do you mean, if i may, how you to mean comprehensive? >> meaning that it has got to cover all the different pieces on both the revenue and on the spending side. and the other piece about comprehensive to me is the fact it is not just about the make now, but everything in that package needs to address the further development of the business environment that allows economic development to occur. and so i'm very encouraged by that. i think we're going to come together for the good of economic development of our country. >> let me try to pin you down a little bit more, specifically, alan, because another ceo, lloyd blankfine, head of goldman sachs, met with the president, part of the grou
. caller: hi. i have two questions concerning the fiscal cliff. the cash cuts that republicans -- the spending cuts on medicare. why don't we allow them to negotiate medicare and to reduce the cost of medicine? that should save you a lot of money yearly. i agree totally about the republicans and democrats spending money stupidly just before the election. both sides voted to refurbish something like 170 army tanks that the army said they'd do not need. they went and voted to repair those tanks. why are we wasting our money? democrats want to cut taxes. host: armstrong williams? guest: we haven't gotten to affordable care and medicare and medicaid. if affordable care was administered correctly and if he did not have the special interest groups and if tort reform was not included, package you move forward in making health care work for anyone if you do not bring tort reform to the table? the medical malpractice lawsuits are out of control where doctors are paranoid and have to think twice before going through these procedures. it becomes a nightmare for doctors. there are too many
americans use food stamps in august. that cost nearly $72 billion. so when you hear about the fiscal cliff and you hear about possible cuts to entitlements, did this experience change your view of that? >> i would say it changed my view. look i've been someone that wants to support the entire community no matter what neighborhood you live in, no market what your socio-economic background. i was challenged by a local nonprofit to take this challenge to make me a stronger leader and i happily accepted that challenge and it was a good learning experience. it was only a week. it's not the same thing of having to live on food stamps full time. that's brutally difficult to go jool your tummy isn't as full as it needs to be. i get that it was only a week. it helped me be a better policymaker. >> you kept a diary of your experience. i want to read a little bit of your entry from day four. i'm facing a long hungry day and an even longer night getting dinner on the table which requires making everything from scratch on this budget. it's only for a week so i've got a decent attitude. if i were doing
of sense. yet, here we are on the edge of this fiscal cliff. we're not sure what will happen. many people predicting we'll go over the cliff. if we go over the cliff and the automatic spending cuts take effect and the tax increases take effect, what do you think happens to the economy? >> well, at the brt meeting that you mentioned, where the president was nice enough to come over, the question was asked, if we go over the fiscal cliff, how many businesses in this room will reduce capital investment? remember, i just said -- and it's very demonstrable that capital investment is what drives gdp growth rate and job creation. that tells a story right there. if we go across the fiscal cliff, we will have an economic contraction or slow down at best. >> how are things looking right now ahead of the holidays? i'm sure your company is real busy, fedexing gifts. what are your expectations for this holiday season? >> well, you know, the 300,000 wonderful teammates of fedex are working very hard. we publicly forecast a couple weeks ago that on the 10th we would move 19 million shipments through our
to cut the u.s. deficit and avoid the fiscal cliff, but the proposal is quickly dismissed by democrats and the white house. and australia central bank cuts interest rates to the lowest level since the financial crisis in a bid to get ahead of sluggish commodities demand. financial policy committee has been meeting. the outlook for financial stability has improved. signs of improvement overall. . few signs yet of improvement, though, in corporate credit. more capital would enonly banks to access cheaper funds. that's their latest thoughts. they see further cuts needed on bankers pay. also looking to see whether we have any construction. the november construction pmi 49.3. slipping to the 50.9 in october. survey data hasn't necessarily matched the hard data either. and this all comes as british chambers of commerce has issued a gloomy prognosis. cutting its uk growth forecasts for next year and 2014 to between 1% and 1.8 saying output will only return -- sorry, to 1% from #.8 saying it will only return to levels at the end of 2014 p. this after retail sales also missed forecast in number
's an innovative way to get folks engaged. >> of course all of this negotiation around the fiscal cliff, the president actually indicated today that he might be president-electable. he says he's not necessarily looking for income tax rates as high as they were under president clinton. secretary geithner is going to meet with congressional leaders tomorrow. do you think they will demonstrating some wiggle room, as well? >> i personally don't think it's that big of a banner sign. if there was actually a movement toward a deal, i think you'd see president obama meeting with these leaders in congress as opposed to cabinet aids. i'm hearing democrats still pressing the case. they're still making the argument that they want to raise taxes on that small percentage of americans. the white house has not put forth any specifics. depending how the president secretary goes, there is miles of space in between the two sides on this one. >> all right. one of my favorite reporters juana summers with politico. thank you for joining us. >> up next, it has several layers. the story on the outside is far d
there and it's called the fiscal cliff and will send us into recession but we may get deficit reduction but others believe we won't get spending cuts that we need. more will take place in defense which many argue does need to happen perhaps though not in the same way it does. we shall see. what's today's date? the fourth now. we're not too far. people say the 18th. we need to at least see something for the 21st. >> they're going on vacation with legislation. is that right? should they be able to take off? >> we should sequester their vacation. >> a great tweet this morning, jim. if you had a big project due at work, would you be going on vacation a week from tomorrow? >> let's say our bosses said we need you to finish this by year end. pal, man, i got a trip to st. bartz. what would they say? they would say stay down there. i don't like one of the defensive line guys that gets fired by the eagles. does he get to fly back from texas? we would fire these guys where they are, when they are on vacation. no. they get to take vacation without finishing their project. >> a couple good poll num
, fiscal cliff, i have to cut numbers. i have to cut guidance. i think many ceos will cut guidance because of the possibility that the amt is going to -- this alternative minimum tax, people don't know they have to write a check for $3,500 at the end of the year. once you jump over the cliff, you can reverse the payroll tax. senator corker who is terrific and had good privilege of talking with him this weekend, we both know you can't reverse amt. once you go over the cliff, amt is insidious. it's hard to figure out. >> in terms of negotiations we will sit here day after day, is it more theatrics, are they really stalled, will we get down to something at the end of the day that doesn't deal with everything, doesn't deal with fundamental tax reform but in terms of taxes and spending and put other issues into 2013? don't you think a lot of it is theatrics. >> i feel that if you vote -- if you can't utter the word increase next to the word tax, which is somehow many republicans can't put that sin tax -- >> you just need enough of them to do that. >> that's a good point. grover norquist my frie
that the republicans passed two bills that take care of the fiscal cliff. they extend of the tax cuts and a change the sequestration. the democrats hammer them on that each time. they are not going to give the democrats a chance to hammer them once again. host: our democrats putting deductions and loopholes and specifically on the table? guest: yes, the president has been very specific. he has said, first things first, let's let the high end tax cuts expire and lock in these trillion dollars savings. then he says on deductions, let's cap the major ones, the mortgage interest, the charitable, the state allen local -- and local. the banker's comments of getting 35% subsidy on the mortgage, he will get 20%. -- 28%. and then there are tax cuts in medicare, but they are reasonable. if you do not do these tax deductions and you do not do the high end incumbent bush tax cuts, it gets in devastated. the ryan budget was very back loaded. and it was not in the first 10 years. there are trade-offs. host: maverick writes in and said, i see a problem giving tax -- a problem with giving tax credits for hiring u
excess thoughts. okay. all right. the president on this whole fiscal cliff. >> obama: i don't think it is acceptable for you for a handful of republicans in congress to hold middle class tax cuts hostage simply because they don't want tax rates on upper income folks to go up. >> stephanie: uh, yeah! let's go to kathy in mobile, alabama. >> mobile. >> caller: actually, it is mobile. i know you're not from the south. something i've heard recently which is totally stupid was someone made the comment that normally we only work 25 years and then we live only 40 years after that. a. >> stephanie: right. >> caller: which is crazy. if you started at 18, you reach retirement at 43 or even if you start working at 35. >> stephanie: this is something grover norquist said yesterday. i'm like who only works 25 years? math is -- that's what the president said. republicans have to stop using political math to say how much they're willing to raise tax rates on the wealthiest 2% and specify the spending cuts. they're
entitlement cuts. asked what specific cuts over the fiscal cliff he pointed reporters to previous budgets declining to name further -- >> stuff. >> stephanie: then he said there is a stalemate because -- >> stalemate. do not put anything on the table. we're just going to do stuff. >> stephanie: speaking of cuts fabulous piece in the "l.a. times" by michael. cut medicare and social security, what's the rush? senator bernie sanders every time we have him on, howard dean. first of all as we've said over and over, we hate the term entitlements because you are entitled to it. you have paid into it. number one. and number two it is not in crisis. bernie sanders speaks about this all the time. this is the problem they try to panic us. michael with some of the fun facts. we posted this. let me share a couple. that's why shows like "meet the press" made my head explode because they start with this premise. [ explosion ] >> we're not all in agreement on that. >> stephanie: he says that because economic projectio
for these massive spending cuts that would come at the end of the year if we go over the fiscal cliff. the white house saying they don't expect we will. they still hope it can be prevented, but they have to start planning. also, speaker of the house john boehner meeting with small business leaders on capitol hill where he reiterated some of his key points. again, just within the past hour. take a listen. >> business owners with us today are here to highlight president obama's demand to raise tax rates instead of cutting spending. his plan will hurt nearly 1 million small businesses around our country. that will affect hundreds of thousands of jobs. >> reporter: and guys, there are republicans here on capitol hill who are urging the speaker to cut a deal with the president. i talked to one of the earliest republicans to say, you know what, let's take a the president up on his offer to extend the bush tax cuts for everybody under $250,000 and at least take that uncertainty off the table and then continue to negotiate the rest to have later. some of the republicans are now coalessing around that vi
to listen in a little more to see what he has to say about the fiscal cliff and otherwise. >> entirely on spending cuts, or a variation that has emerged is that we can do so while still lowering rates by closing loopholes and deductions. and you've heard from my team but let me just repeat. we don't have any objection to tax reform, tax simplification. closing loopholes, closing deductions, but there is a bottom line, an amount of revenue that is required in order for us to get a real, meaningful deficit reduction plan that hits the numbers that are required for us to stabilize our debt and deficits. and -- [. [no audio] kwroe. jenna: we gave it our best shot. sometimes we can't do it. the president speaking at the white house at the business roundtable about the economy. fiscal cliff certainly the issue in the short term for a lot of big businesses and certainly for a lot of american taxpayers. however, long term is another story when it comes to the economy, and entitlements, the president referring to that as well. as we continue to get that feedback you can check it out
past the fiscal cliff, use automatic spending cuts to make sure taxes don't go up, at least on the great majority and then figure out what to do about the upper brackets, and if that is -- that would be a mechanism that would guarantee further action next year and as is very well possible they would disagree next year and there would be some sort of trigger or punishment for their lack of action. that sounds relatively simple, putting it all together could take at least a couple weeks after you have a deal, there could be some inevitable blow ups from conservatives in the house for the senate so a lot of it is speculation. secondly, a lot of of things that might go in this down payment, farm subsidy cuts, there is a proposal to make federal retirees--federal workers pay more towards their retirement, that can get pretty political pretty quickly. it is very much in flux. all of that presupposes they get an agreement. there is a school of thought that they can't get an agreement until after tax rates actually go. >> host: andrew taylor is with the associated press. does the yo
to avoid the so-called fiscal cliff at the end of this month. a series of tax cuts and spending cuts set to kick in just 26 shopping days until the fiscal cliff. >> brian: less working days. >> steve: that's right. house republicans say there will be no deal if tax ritz go up and the obama administration says it's ready to go thelma and louise style over the cliff on january 1. if that's the case, wendell goler live at the white house with what we know is going on behind the scenes. anything happening? >> steve, the president and house speaker john boehner talked on the phone yesterday, but they agreed not to characterize their conversation. so it's unclear how much progress they made. from the outside, it does seem they've moved a bit closer with boehner now agreeing to raise tax collection from the wealthy, though not by raising tax rates. >> we've got to cut spending and i believe to put revenues on the table. the revenues we're putting on the table will come from, guess who, the rich! there are ways to limit deductions, close loopholes, and have the same people pay more of their mone
on this fiscal cliff which has automatic tax hikes and spending cuts as of january one, they are trying to avert that. he says any deal on this must include an end to the debt ceiling all together. he wants complete power to raise the country's limit by himself. he doesn't want to have to get congressional approval. that is a demand stirring strong response from republicans today. >> the on way we ever cut spending is by using the debate over the debt limit to do it. now the president wants to remove that spur to cut all together. of course, it gets in the way of his spending plans. i can assure you it one happen. the american people want washington to get spending under control and the debt limit is the best tool we have to make the president take that demand seriously. the american people want us to fight to cut spending. it's a fight they deserve and a fight we are happy to have. >> joining me now, simon rosenberg. and mark theisen. guys, welcome. simon, let me start with you on this. we did have some democrats come on the show and say no, the president doesn't get to just decide when to rais
. >>> with the government's fiscal cliff looming social security employees protest budget cuts in baltimore city yesterday. they're urging lawmakers to come to an agreement that does not include cuts in social security jobs and services. >>> and stay with wjz 13, maryland's news station. up next a pair of new problems for boeing 787 jet liner. plus tandem base jumpin >>> welcome back to cbs "this morning." boeing's new 787 dream liner is often called the airplane of the future. at mark strassmann reports, the ride continues to be a little bumpy. >> reporter: when the united airlines became the first carrier to add the boeing 787 to its fleet last month it looked like clear skies ahead for the next generation aircraft. this week a pair of setbacks as one plane was forced to make an emergency landing in new orleans and the federal aviation administration issued an order all 787s be inspected for fuel leaks. >> every 787 mp manufactured will have problems in its initial production. >> reporter: united says the emergency landing in new orleans tuesday was caused by the failure of one of si
to join us, find out why he thinks we're going to get a deal on the fiscal cliff and why the tax increases and the cuts in the government won't be as severe as a lot of people are fearing. >> sounds optimistic. and a new report showing more small businesses are putting a for sale sign on their doors. who's selling, who's buying, and why? it's the internet's largestsell, marketplace for buying and selling small businesses. ♪ [ male announcer ] this is steve. he loves risk. but whether he'slimbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with peoplee trusts, which is why he trades with a company that doesn't nick and dime him with hidden fees. so he can worry about other things, like what the market is doing and b ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. can i still ship a gift in time r christmas? yeah, sure you ca great. where's yr gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. you know how painfu
pointing on the fiscal cliff talks. take a listen to this. >> it's not acceptable to moo a me to you for members of congress to hold middle class tax cuts to hostage simply because they don't want tax rates on upper income folks to go up. >> the white house spent three weeks trying to develop a proposal, and they send one up here that calls for $1.6 trillion in new taxes, calls for a little not even $400 billion in cuts. it was not a serious proposal. >> all right. so where are we right now? even while the fate of our fragile economy hangs in the fiscal cliff balance, for that let's turn to our distinguished guests. peter goodman. he's the huffington post business editor on a former "new york times"man. we welcome back republican congresswoman nan hayworth and haddy heath, senior policy analyst with the independent women's forum. okay. so mcconnell laughed at the tim geithner proposal. and john boehner says we're at a stalemate. and president obama himself is kind of getting ugly about this enemy's list. we've seen this before from him. my proposal is, republicans have to come with a
proposal to avoid the fiscal cliff. the ten-year, $2.2 trillion plan keeps bush-era tax cuts in place for all taxpayers. the white house has maintained the tax rates on the wealthy have to rise before they would sign off on any deal. the gop offer would raise $800 billion in new revenue and it would seeks $600 billion in health savings and revive cost of living increases for social security. >>> half a dozen governors are headed to the white house to talk about the fiscal cliff. they will tell the president that failing to come to an agreement will leave the states with the bill. after that they'll be going on to meet with some of the leaders in congress to make their same points there and we'll see what happens out of this. the markets have been watching just about every headline and trying to see what happens on this physical cliff issue. the "doubt" futures are up about 21 points. yesterday, though, we saw the markets close at the lows of the day. the dow down about 60 points on some of these concerns that, again, all of these issues still have quite aways to go before they reach a
danger of going off the fiscal cliff. >> we are not going to kick the can down the road. we're going to finalize this this year. this is no time for delay. the american people want us to avoid the fiscal cliff with a balanced approach. liz: he said, he said. good afternoon, everybody. i am liz claman, "countdown to the closing bell" starts right now. you heard it from the horses mouth. and it has gyrated the market. john boehner said no substantial progress on fiscal cliff debt deal while harry reid insists we democrats are on track and will finalize it this year. even chuck schumer weighed in saying progress is being made on the hill and the next is a taste oversensitive. take a look at the intraday, you can see how it was jerked around today. right around 11:30 a.m., speaker john maye -- john boehner spoke. the buyers poured in, the short time later chuck schumer came in. now we are trading near the highs of the day. the dow jones dust they stop 77 points, 45 to the upside. all 10 s. and p. sectors are jumping with technologies leading the way. research in motion a big winner. can
the bush tax cuts. it's part of the fiscal cliff, because just like all of these other things, stuart, people are trying to move income out of 2013, into 2012, which makes this year look a little bit better than it should, but what it means is that when we hit january 1st, 2013, the economy's going to collapse as far as i can tell. stuart: whoa, whoa, collapse is a strong word, art. >> collapse as low as we are, i agree. stuart: now, the obamacare tax change is a change in the tax rate. >> yes. stuart: that's something that the president's absolutely insisting on. he wants tax rates to go up for the top two income brackets and that's being forced by the republicans. they don't want the rate to go up. they'll pay more in overall revenue, but don't want the rate to go up. your comments please on the president's stand-fast position on raising tax rates? >> well, rates are where the real action is, i mean, if you broaden the base and lowered rates, tax revenues on the rich went up. you'd have far less-- and the when you're growing the economy and profession of vobs and output, employment
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